If you are young and in good health, you may not see the need to consider what will happen in the future if you become ill or suddenly pass away. While this process may seem unnecessary to you and others in Louisiana who are your age, it is actually the best time for you to be making these plans. When it comes to your future and your long-term interests, the time to act is now.
There is no one-size-fits all estate plan, and fortunately, you have options for creating a plan that perfectly suits your individual needs and objectives. Of course, these needs and objectives will change over time, and so should your estate plan. However, the peace of mind you will have knowing that your financial interests and health care preferences are secure is worth the effort to have at least the basic documents in place.
What do you need?
Most estate plans start with the drafting of a basic will. This allows you to decide what will happen to your property after your passing, but you may need more to have full protection. Some of the things you may consider for your estate plan include:
- Health care planning, including drafting a health care proxy, living will and power of attorney that will protect you in case of incapacitation
- Financial planning, including drafting a financial power of attorney that will protect you in case you cannot make decisions due to incapacitation
- Naming a person to act as executor of your estate, which is someone who will have the responsibility of ensuring your wishes are followed
- Making sure beneficiaries and family have access to the right information and your estate plan in case of your death, illness or serious injury
Estate planning is not something to put off until you are older or have a serious health condition. The future is unpredictable, so planning early could act in your best interests as well as those of your loved ones.
Where should you start?
You can start the estate planning process by taking the time to carefully evaluate your estate, your finances and your wishes for the future. You have the right to have the final say over your property, your body and any type of assets you’ve earned during your lifetime, regardless of your age or health status.